125-129 Greenwell Avenue, SANTA BARBARA, CA 93067
$5,200,000
Property Type:
Res Inc
Square Footage:
6,654
Lot Size (sq. ft.):
20,473
Status:
Closed
Current Price:
$5,200,000
List Date:
3/20/2023
Last Modified:
5/25/2023
Description
*CALL TO OFFERS: APRIL 5TH* Seller must carry papers with exceptional terms! See details in ''More''.. Tucked between the Pacific Ocean and the Santa Ynez mountain range sits 125-129 Greenwell Ave. This Coastal Zoned property boasts two buildings consisting of (4) 2 bed / 1 bath and (6) 1 bed / 1 bath apartments. Units offer an abundance of natural light and have been well maintained and refreshed with various updates over the years. Tenants enjoy the ease of off-street parking and a communal deck with patio tables. This asset is centrally located in the charming beach town of Summerland, within walking distance to shops and eateries including Field + Fort and The Nugget, while being only a short drive to Santa Barbara's most popular hiking trails.
Supplements: Do not miss out on making this special coastal property your next investment opportunity for long-term rentals and possibly vacation rentals! Owner must carry papers with exceptional terms. See investment analysis for more information. Seller Carryback Details: -25% Downpayment -10 Year Term (Interest Only) -3% Interest Rate Year One -4% Interest Rate Year Two -5% Interest Rate Years 3-5 -6% Interest Rate Years 6-10 *15% Prepayment Penalty Fee if the loan is paid off in the first 10 years.
More Information MLS# 23-722
Location Info
District: 05 - CARPINTERIA-SUMMERLAND
Street #: 125-129
Street Name: Greenwell Avenue
State/Province: CA
Postal Code: 93067
Compass Map: Santa Barbara
Map Grid: V12
County: Santa Barbara
Parcel Number: 005-204-048
Cross Street: Lillie Avenue
Contract Info
Current Price: $5,200,000
Price: 4750000
Buyers Agent $/%: 2.5
Begin Date: 2023-03-20
Status: Closed
Status Information
Sold Date: 2023-05-25
Sold Price: $5,200,000
Under Contract Date: 2023-04-11
Property Information
Number of Units: 10
Year Built: 1976
Main House SqFt: 6654
Apx Lot SqFt: 20473
Recurring Fees: No
Neighborhood/Schools
Elementary School: Summerland
Junior High School: Carp. Jr.
High School: Carp. Sr.
Remarks
Hot Sheet Comment: new
Owner Info
Deposit: 3
Unit 1
# Units: 6
# Bedrooms: 1
# Baths: 1
# Half Baths: 1
Furnished: N
Rent: 12063
Monthly Total: 12063
Unit 2
# Units: 4
# Bedrooms: 2
# Baths: 1
Rent: 9041
Income/Expenses
Total Monthly Income: 21104
Annual Income: 253248
Gross Rent Multiplr: 18.55
Capitalization Rate: 3.01
Property Features
Condition: Good
Parking Info: Uncovered
Proximity: Near Bus; Near Ocean; Near Park(s); Near School(s); Near Shopping
Laundry: Laundry Room
Zoning: Other
Reports Available: Pest Inspection; Prelim; Roof
Terms: OMC 1st; OTHER/CLA
Listing Type: EA
Listing Office: Radius Group Commercial R.E.
Last Updated: May - 25 - 2023
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